Regulatory Alerts2012-04-02
Notice No. 13/2012 of April 2nd
The Bank of Angola issued Notice No. 13/2012 to regulate the obligations of banking financial institutions regarding customer identification, due diligence, and the establishment of an anti-money laundering and counter-terrorist financing prevention system. The notice mandates specific KYC and KYB procedures, requiring institutions to collect and verify detailed personal and corporate data before establishing business relationships or processing occasional transactions exceeding USD 15,000. It further defines the roles of Compliance Officers, outlines simplified due diligence criteria for low-risk public entities, and permits the delegation of identification duties to regulated third parties under strict supervisory conditions.
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